资本市场 机构与工具 第2版 英文版PDF电子书下载

Chapter 1: Introduction 1

Financial Assets 2

Financial Markets 11

Derivative Markets 15

Summary 16

Questions 17

Section Ⅰ: The Players 19

Chapter 2: Overview of Market Participants and Financial Innovation 19

Issuers and Investors 20

Role of Financial Intermediaries 22

Overview of Asset/Liability Management for Financial Institutions 25

Regulation of Financial Markets 28

Financial Innovation 31

Summary 33

Questions 34

Chapter 3: Depository Institutions 37

Asset/Liability Problem of Depository Institutions 38

Commercial Banks 40

Savings and Loan Associations 55

Savings Banks 60

Credit Unions 60

Summary 61

Questions 63

Chapter 4: Nondepository Institutions 67

Insurance Companies 68

Pension Funds 78

Investment Companies 84

Summary 92

Questions 93

Chapter 5: Investment Banking Firms 97

Scope of Investment Banking 98

Nature of the Business 99

Industry Structure 110

Competition and Challenges for Investment Banking Firms 119

Summary 121

Questions 122

Section Ⅱ: Organization and Structure of Markets 125

Chapter 6: The Primary Markets 125

Regulation of the Issuance of Securities 126

Variations in the Underwriting of Securities 129

World Capital Markets Integration and Fund Raising Implications 136

Motivation for Raising Funds Outside of the Domestic Market 137

Summary 138

Questions 139

Chapter 7: Secondary Markets 143

Function of Secondary Markets 144

Trading Locations 144

Market Structures 145

Perfect Markets 145

Secondary Market Trading Mechanics 146

Role of Brokers and Dealers in Real Markets 152

Market Efficiency 154

Transaction Costs 155

Summary 157

Questions 159

Section Ⅲ: Risk and Return Theories 161

Chapter 8: Risk and Return Theories:Ⅰ 161

Measuring Investment Return 163

Portfolio Theory 166

Risky Assets Versus Risk-Free Assets 166

Measuring Portfolio Risk 167

Diversification 171

Choosing a Portfolio of Risky Assets 176

Summary 181

Questions 182

Chapter 9: Risk and Return Theories:Ⅱ 187

Economic Assumptions 188

Capital Market Theory 189

The Capital Asset Pricing Model 193

The Multifactor CAPM 205

Arbitrage Pricing Theory Model 206

Some Principles to Take Away 210

Summary 211

Questions 212

SectionⅣ： Derivatives Markets 215

Chapter 10: Introduction to Financial Futures Markets 215

Mechanics of Futures Trading 216

Futures Versus Forward Contracts 220

Risk and Return Characteristics of Futures Contracts 220

Pricing of Futures Contracts 221

General Principles of Hedging With Futures 228

The Role of Futures in Financial Markets 239

The GAO Study on Derivatives 242

Summary 244

Questions 245

Chapter 11: Introduction to Options Markets 249

Option Contract Defined 250

Differences Between Options and Futures Contracts 251

Risk and Return Characteristics of Options 252

Pricing of Options 261

Economic Role of the Option Markets 274

Exotic Options 276

Summary 277

Questions 278

Chapter 12: Introduction to the Swaps,Caps, and Floors Markets 281

Swaps 282

Cap and Floor Agreements 287

Summary 289

Questions 289

Section Ⅴ: The Equity Market 293

Chapter l3: Common Stock Market 293

Secondary Markets 295

SEC Studies of the Structure of the Equity Markets 299

Trading Arrangements for Institutional Investors 303

Stock Market Indicators 305

Empirical Evidence on Pricing Efficiency and Implications for Portfolio Strategies 308

The Market Crash of l987 313

Non-U.S. Equity Markets 316

Summary 324

Questions 326

Chapter 14: Stock Options Market 329

History of Exchange-Traded Options 330

Features of Exchange-Traded Stock Options 331

Stock Option Pricing Models 332

Option Strategies 338

Pricing Efficiency of the Stock Options Market 346

Warrants 348

Summary 349

Questions 350

Chapter 15: Stock Index Derivative Markets 355

Stock Index Options 356

Stock Index Futures Market 362

Equity Swaps 377

Stock Index Contracts, Stock Price Volatility, and Black Monday 379

Summary 386

Questions 387

Section Ⅵ: Interest Rate Determination and Bond Valuation 391

Chapter 16: The Theory and Structure of Interest Rates 391

The Theory of Interest Rates 392

The Structure of Interest Rates 409

Summary 414

Questions 415

Chapter 17: Valuation of Debt Contracts and Their Price Volatility Characteristics 419

Features of Debt Contracts 420

Basic Valuation Principles 421

Return From a Bond: Yield-to-Maturity Measure 422

Reasons Why a Bond's Price Will Change 424

Reinvestment of Cash Flow and Yield 425

What Determines the Premium-Par Yield 425

Bond Price Volatility 426

Summary 439

Questions 441

Chapter 18: The Term Structure of Interest Rates 445

The Yield Curve 446

Constructing the Theoretical Spot Rate Curve 448

Forward Rates 455

Determinants of the Shape of the Term Structure 459

Summary 464

Questions 465

Section Ⅶ: Debt Markets 467

Chapter 19: Money Markets 467

Treasury Bills 468

Commercial Paper 471

Bankers Acceptances 478

Large-Denomination Negotiable CDs 481

Repurchase Agreements 484

Federal Funds 488

Summary 489

Questions 490

Chapter 20: Treasury and Agency Securities Markets 493

Treasury Securities 494

Federal Agency Securities 502

Non-U.S. Government Bond Markets 505

Summary 510

Questions 511

Chapter 21: Corporate Bond Market 513

Features of a Corporate Bond Issue 514

Corporate Bond Ratings 519

Event Risk 521

High-Yield Corporate Bond Market 521

Secondary Market 527

Private Placement Market for CorPorate Bonds 527

Risk and Return in the Corporate Bond Market 531

Eurobond Market 535

Summary 537

Questions 538

Chapter 22: Medium-Term Note, Bank Loan,and Preferred Stock Markets 541

Medium-Term Notes 542

Bank Loan Market 546

Preferred Stock 548

Bankruptcy and Creditor Rights 551

Summary 554

Questions 555

Chapter 23: Municipal Securities Market 557

Investors in Municipal Securities 558

Features of Municipal Securities 559

Types of Municipal Securities 559

Credit Risk 566

Tax Risk 568

The Primary Market 569

The Secondary Market 569

Regulation of the Municipal Securities Market 570

Yields on Municipal Bonds 571

Summary 573

Questions 573

Chapter 24: The Mortgage Market 575

What is a Mortgage? 576

Investors 577

Mortgage Originators 577

Mortgage Servicers 582

Mortgage Insurers 584

The Traditional Mortgage 587

The Mismatch Problem and the Creation of Adjustable-Rate Mortgages 592

The Tilt Problem and the Creation of Other Mortgage Instruments 596

Default Risk for Mortgages 600

Summary 604

Questions 605

Chapter 25: The Market for Mortgage Pass-Through Securities 607

Development of the Secondary Mortgage Market 608

Mortgage Pass-Through Securities 610

Types of Mortgage Pass-Through Securities 611

Prepayment Conventions and Cash Flow 614

Factors Affecting Prepayment Behavior 623

Secondary Market 626

Prepayment Risks Associated With Pass-Through Securities 626

Stripped Mortgage-Backed Securities 629

Summary 630

Questions 631

Chapter 26: The Market for Collateralized Mortgage Obligations 633

Sequential-Pay Tranches 634

Accrual Bonds 639

Floating Rate Tranches 641

Planned Amortization Class Tranches 645

Credit Risk 649

Tax Considerations 649

The CMO Market Today 649

Summary 650

Questions 651

Chapter 27: The Market for Asset-Backed Securities 655

Issuers of and Collateral for Asset-Backed Securities 656

Features of Asset-Backed Securities 659

Benefits of Asset Securitization and Implications for Financial Markets 661

Summary 665

Questions 666

Chapter 28: Exchange-Traded Interest Rate Futures and Options 669

Interest Rate Futures Contracts 670

Exchange-Traded Interest Rate Options 682

Summary 689

Questions 690

Chapter 29: Over-the-Counter Interest Rate Derivative Markets 693

Over-the-Counter Interest Rate Options 694

Forward Rate Agreement 696

Interest Rate Swaps 696

Interest Rate Agreements 715

Summary 717

Questions 718

Section Ⅷ: Foreign Exchange Markets 723

Chapter 30: Foreign Exchange Market 723

Foreign Exchange Rates 724

Foreign-Exchange Risk 726

Spot Market 726

Cross Rates 727

Dealers 727

The European Currency Unit 728

Summary 729

Questions 730

Chapter 31: Instruments for Controlling Foreign-Exchange Risk 731

Currency Forward Contracts 732

Currency Futures Contracts 737

Currency Options Contracts 737

Currency Swaps 739

Summary 744

Questions 745